Titan Machinery (NASDAQ:TITN) announced today that it has closed on the acquisition of Adobe Truck & Equipment. The acquisition consists of three Case Construction dealerships located in Denver, Colorado Springs, and Loveland, Colorado.
Adobe Truck & Equipment’s dealerships are located east of the Rocky Mountains in Colorado and are supported by a number of factors including oil exploration in northern Colorado, agriculture in eastern Colorado, and large metropolitan centers in Denver and Colorado Springs. The dealerships will benefit from synergies with Titan Machinery’s existing dealerships in Wyoming and Nebraska. With the acquisition of these dealerships, Titan Machinery has the exclusive Case Construction contract for all of Colorado east of the Rocky Mountains. In its most recently reported fiscal year, Adobe Truck & Equipment generated revenue of approximately $12 million.
David Meyer, Titan Machinery’s Chairman and CEO, said, “We are excited to expand the Titan Machinery footprint into Colorado. Historically, this eastern Colorado market including the Denver, Colorado Springs, and Loveland/Fort Collins metros has produced large industry unit sales. In addition, we anticipate associated rental demand. We see an overall solid growth platform with this acquisition.”
About Titan Machinery
Titan Machinery, founded in 1980 and headquartered in West Fargo, North Dakota, is a multi-unit business with mature locations and newly-acquired locations. The Company owns and operates a network of full service agricultural and construction equipment stores in the United States and Europe. Upon the closing of the previously announced Rimex acquisition, the Titan Machinery network will consist of 94 dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin, and Colorado including two outlet stores, as well as 9 European dealerships in Romania and Bulgaria. The Titan Machinery dealerships represent one or more of the CNH Brands ((NYSE: CNH), a majority-owned subsidiary of Fiat Industrial (Milan: FI.MI)), including Case IH, New Holland Agriculture, Case Construction, New Holland Construction, Kobelco and CNH Capital. Additional information about Titan Machinery can be found at www.titanmachinery.com.